Australia’s global appeal has continued, with foreign investment reaching a record high in 2024, recent data from the Australian Bureau of Statistics revealed.
Foreign investment hit $4,970.6 billion, up from $326.9b in 2023.
Of that, the top investment preferences were in debt ($1,631b), followed by direct investment ($1,280b) and equity ($885b).
Over the past five years, the United States has remained the biggest investor in Australia, contributing $1,355b.
The European Union moved up to second-largest investor ($869b), now ahead of the United Kingdom which is third ($839b).
Other key countries or jurisdictions with investment in Australia include Japan ($283b), ASEAN ($182b), Hong Kong ($181b), Canada ($111b), New Zealand ($85b) and China ($73.4b).
CCIWA Head of International Trade Services Michael Carter said foreign investment played an important role in helping to grow Western Australian businesses.
“Foreign investment is an essential pillar in developing WA’s emerging industries, supporting business growth and creating jobs for Western Australians,” he said.
“It great to see that other countries continue to see WA – and Australia – as a one of the best investment destinations in the world.
“It’s one of the reasons we partnered with Invest & Trade WA a couple of years ago to create WA Investments – an investment listing portal that showcases a range of investment-ready projects across 10 industry sectors.”
Why do foreign investors invest in Australia?
Australia has a global reputation among investors for its stable economy, highly skilled workforce, strong governance and legal system, and quality infrastructure, according to PwC.
Additionally, Australia’s proximity to Asia makes it especially attractive to Asian investors.
The Australian Government uses its foreign investment policy, international treaties and free trade agreements to promote foreign investment to the world.
The WA Government’s Invest & Trade WA initiative is the “front door” in supporting engagement between Western Australian businesses and investors.
Invest and Trade WA has international offices and dedicated trade commissioners across the ASEAN region, China, India-Gulf, North-East Asia, United Kingdom/Europe and Americas regions.
